Bitcoin's recent price hike continued, reaching $116,800 while meme cryptocurrencies also displayed significant gains.
Bitcoin Performance
Bitcoin started the week with a retracement to $110,000 but quickly regained ground. After hitting $113,200 on Tuesday, and subsequently $110,800, bulls resumed the rally, pushing Bitcoin to $114,000 after the US CPI data was announced. Ultimately, it reached a new multi-week high of $116,800.
Meme Cryptos Surge
As Bitcoin's dominance declines, meme cryptocurrencies are seeing significant gains. DOGE surged over 12% in the past day, while PEPE jumped by 18%. Notable increases were also seen in other altcoins like SHIB (8.5%) and others.
Overall Trends in the Crypto Market
The total cryptocurrency market capitalization added over $80 billion overnight, reaching $4.180 trillion. This indicates active trading in the market and growing interest in altcoins, especially in light of the current events.
The state of the cryptocurrency market shows increased activity, with the growth of meme coins amid stable Bitcoin increases suggesting the possibility of a new altseason.
